Elon Musk confirms his takeover of Twitter

Image of billionaire businessman Elon Musk. Credit: Kathy Hutchins/Shutterstock.com

The long-awaited takeover of Twitter by Elon Musk has been confirmed by the billionaire in a tweet.

 

Tesla CEO Elon Musk tweeted advertisers on Twitter today, Thursday, October 27, to inform them that his proposed $44billion takeover of the platform had been completed. On Wednesday 26, the billionaire businessman tweeted a video showing him carrying a porcelain sink as he walked into the Twitter headquarters in San Francisco.

In today’s tweet, the 51-year-old warned advertisers that he will not allow Twitter to become a social media platform where users can say things without facing consequences.

“Our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature”, he wrote.

He highlighted that in his opinion, when done correctly, advertising “can show you a service or product or medical treatment that you never knew existed, but is right for you”.

“For this to be true”, the Space X founder continued, “It is essential to show Twitter users advertising that is as relevant as possible to their needs. Low relevancy ads are spam, but highly relevant ads are actually content!’.

A rapper named Zuby subsequently suggested that Twitter should “find a way to compensate, monetise, or partner with its top creators, like every other social media app”. To which Musk responded, “Absolutely”.

“There has been much speculation about why I bought Twitter and what I think about advertising. Most of it is wrong”, Musk stated in his message. Musk insisted that he purchased the platform: “Because it is important to the future of civilisation to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence”.

“Much of traditional media has fuelled and catered to either the far right or the far left, as they believe that is what brings in the money, but in doing so, the opportunity for dialogue is lost”, he continued.

“That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognising that failure in pursuing this goal, despite our best efforts, is a very real possibility”.

The final takeover of the company is expected to take place tomorrow, Friday 28. A conglomerate of bands is believed to have all the relevant documentation prepared for signing. Shares in Twitter Inc are expected to be suspended while the takeover is finalised.

In the last month, shares in the company have risen by more than 28 per cent, and are currently trading at $53.97 (approx €54.o3), an increase of one per cent on Wednesday 26, as reported by dailymail.co.uk.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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